基于企业差异的市场法评估模型与应用研究

发布时间：2019-04-17 06:46

【摘要】：随着组织结构和经济环境的不断变化,并购重组已成为我国证券市场上企业进行资源优化配置的重要手段。国家“十二五”规划的执行也推动了我国并购活动。并购企业价值评估也越来越受到人们的关注。从估值方法上看,市场法评估是最直接、最接近现实的估值方法,同时也最容易被人们理解和接受,然而在我国评估中市场法的运用还不是很普遍,其中可比公司选择问题是市场法的主要障碍,企业差异则是导致这一障碍的主要原因。现在发达市场经济下企业已成为一个复杂的系统,这又为市场法的实行增添难度,认真分析企业之间差异问题,如何弱化这种差异,寻求企业的相似性已成为市场法评估必须解决的问题。本文首先从理论入手,从市场法评估相关理论研究和目前国内外市场法使用情况发现市场法评估的是企业的交易价值,比其他评估方法更符合并购重组对企业价值的要求,但可比公司选择是难题,市场法评估必须解决企业差异问题。其次文章重点对企业差异问题进行了详细的研究,从理论角度研究企业差异与企业价值的关系,得出企业差异最终可表现为财务指标的差异和流动性的差异,这两种差异又在一定程度上影响企业价值评估。所以本文在市场法评估中选用模糊物元方法解决财务指标的模糊性,运用缺少流动性折扣率衡量可比公司与目标公司的流动性差异。在对比公司筛选时还根据海明贴近度公式求取最相似的对比公司,体现出更强的客观性和科学性。模型运用部分基于房地产行业上市公司的数据进行了研究,得到了合理的数据结果,再一次证明企业差异分析对市场法改进的重要性。在模型的实际运用部分,考虑到并购双方关系和并购环境等因素,选取云南安盛创享并购昆明西苑房地产公司为案例,运用整个估值模型来进行检验。首先运用模糊数学原理筛选出5家对比公司,然后通过比率乘数模型计算目标公司价值,最后进行流动性差异的修正。通过对案例结果的分析验证,相关数据表明这种方法所求的企业价值与实际交易值比较接近,所以该模型的实践运用是比较理想的。本文通过企业差异的研究,利用模糊物元分析,建立了新的市场法估值模型,对传统的市场法评估步骤以及市场法单一的比率乘数指标体系进行了改进。包括创建了特征值的指标体系,提出了可比公司选取的新方法,完善了目标公司与可比公司差异的调整过程。实际运用部分更加增强了市场法估值模型应用的可操作性,丰富了市场法在具体评估过程中的应用。
[Abstract]:With the continuous change of organizational structure and economic environment, M & A and reorganization have become an important means to optimize the allocation of resources in China's securities market. The implementation of the National Twelfth five-year Plan has also promoted M & A activities in China. The value evaluation of M & A enterprises has been paid more and more attention. From the view of valuation method, market law evaluation is the most direct and close to reality valuation method, and it is easy to be understood and accepted by people at the same time. However, the application of market law is not very common in our country. The problem of comparable company selection is the main obstacle of market method, and the difference of enterprise is the main cause of this obstacle. Now, under the developed market economy, the enterprise has become a complex system, which adds difficulty to the implementation of the market law, carefully analyzes the differences between enterprises, and how to weaken this difference. Seeking the similarity of enterprises has become a problem that must be solved in the evaluation of market law. This article starts from the theory, from the market method evaluation related theory research and the current domestic and foreign market law use situation to find that the market method assesses the enterprise transaction value, more accords with the M & A reorganization to the enterprise value request, compared with the other appraisal method, However, the choice of comparable companies is a difficult problem, market law evaluation must solve the problem of enterprise differences. Secondly, the paper focuses on the enterprise differences in detail, from the theoretical point of view to study the relationship between enterprise differences and enterprise value, and draw a conclusion that enterprise differences can finally be manifested in the differences of financial indicators and liquidity. These two differences affect the evaluation of enterprise value to a certain extent. So in this paper, the fuzzy matter-element method is used to solve the fuzziness of the financial index in the evaluation of the market method, and the liquidity difference between the comparable company and the target company is measured by the lack of liquidity discount rate. The most similar contrast company is obtained according to the formula of hamming closeness degree, which is more objective and scientific. Based on the data of listed companies in real estate industry, the model obtains reasonable data results and proves the importance of enterprise difference analysis to the improvement of market law. In the practical application of the model, considering the relationship between M & A and the environment of M & A, we select Yunnan Ansheng to merge Xiyuan Real Estate Co., Ltd in Kunming as a case, and use the whole valuation model to carry on the test. Firstly, five contrast companies are selected by fuzzy mathematics, then the value of the target company is calculated by the ratio multiplier model. Finally, the liquidity difference is corrected. Through the analysis and verification of the case results, the relevant data show that the enterprise value obtained by this method is close to the actual transaction value, so the practical application of the model is ideal. Based on the study of enterprise differences and fuzzy matter-element analysis, this paper establishes a new valuation model of market method, and improves the traditional evaluation steps of market method and the single ratio multiplier index system of market method. Including creating the index system of eigenvalues, putting forward a new method of selecting comparable company, and perfecting the adjustment process of the difference between target company and comparable company. The application part enhances the maneuverability of the market valuation model and enriches the application of the market method in the process of concrete evaluation.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275

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